Welcome to Awoyele Olayemi's blog:arena for News, Events, Lifestyle, Fashion Beauty, Inspiration,Entertainment, and lots of fun.
Wednesday, 2 May 2018
Tuesday, 24 April 2018
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Saturday, 14 April 2018
The operation of re-identification of mobile subscribers extended by one month in cote d ivoire
The identification on numbers Originally scheduled to end on Saturday, the 2nd phase of identification of mobile subscribers and the Internet connection has been extended by one month and will finally end on April 30, decided, Thursday, the government.
"The President of the Republic has exceptionally authorized that the operation be extended," said the spokesman of the government, Bruno Nabagne Koné, communicating the information after a council of ministers.
He further stated that, after this deadline of April 30, 2018, unidentified persons in accordance with the prescribed requirements will be placed on call restriction for a period of two months before having their number deleted and removed from subscriber registers. without possibility of complaint vis-à-vis telecommunications operators ".
Launched in September 2017, the 2nd phase of mobile subscriber identification aims to enhance security on networks and systems. The overall goal is to strengthen the protection of people and their property throughout Côte d'Ivoire
"The President of the Republic has exceptionally authorized that the operation be extended," said the spokesman of the government, Bruno Nabagne Koné, communicating the information after a council of ministers.
He further stated that, after this deadline of April 30, 2018, unidentified persons in accordance with the prescribed requirements will be placed on call restriction for a period of two months before having their number deleted and removed from subscriber registers. without possibility of complaint vis-à-vis telecommunications operators ".
Launched in September 2017, the 2nd phase of mobile subscriber identification aims to enhance security on networks and systems. The overall goal is to strengthen the protection of people and their property throughout Côte d'Ivoire

Slight reorganization of the Ivorian government

Abidjan (Ivory Coast) - Ivory Coast's President Alassane Ouattara on Thursday made a slight technical reorganization of his government headed by Prime Minister Amadou Gon Coulibaly, announces the Secretary General of the Presidency, Patrick Achi, in a statement sent to APA.
According to this statement, '' on the proposal of the Prime Minister, Head of Government, Mr Souleymane Diarrassouba, Minister of Trade, Handicrafts and Promotion of SMEs, is appointed Minister of Industry and Mines ad interim ''.
Mr. Diarrassouba succeeds Jean-Claude Brou appointed in mid-December as President of the Commission of the Economic Community of West African States (ECOWAS). The latter takes office this Thursday in Abuja, Nigeria.
Friday, 9 June 2017
Ollynation AOB: Suwe Is Very Sick Due To NDLEA Torture
Ollynation AOB: Suwe Is Very Sick Due To NDLEA Torture: Yomi Fabiyi’s statement reads; “I am calling on all senior colleagues in the entertainment world especially those close to Baba Suwe beca...
Ollynation AOB: Suwe Is Very Sick Due To NDLEA Torture
Ollynation AOB: Suwe Is Very Sick Due To NDLEA Torture: Yomi Fabiyi’s statement reads; “I am calling on all senior colleagues in the entertainment world especially those close to Baba Suwe beca...
Suwe Is Very Sick Due To NDLEA Torture
Yomi Fabiyi’s statement reads;
“I am calling on all senior colleagues in the entertainment world especially those close to Baba Suwe because I don’t have everyone’s contact to please reach out to him as soon as possible.
”The torture done on him by NDLEA is vastly damaging his health at an alarming rate. He told me he no longer feel comfortable since that episode. Baba Suwe is a widower, he can hardly walk properly as I speak, let alone go to film.
“How will he feed and take care of the children aunty Moladun left behind? This is an A-List Entertainer and this conspiracy of silence gives me mental agony on my part, I don’t want to speak when it may be too late, I won’t forgive myself.
“He told me when I visited him that he is innocent of the accusations and yet a
long pipe was inserted through his anus; he was detained for too long amongst other things just because he was randomly suspected like every normal person.
“In my opinion, only lazy, ill-trained, unfit and uncivilized officers torture in the name of investigation. Torture is criminal and sinful. If this accusation is found to be true by independent investigators, it shouldn’t go unpunished.
“The court asked NDLEA to pay him 25 million for damages which is yet to be obeyed but to me an open apology will placate him and illustrate some dignified and civil approach from a government agency that made him go through all that without coming up with a single proof after that prolonged detention and drama.
”He who assert must prove! NDLEA needs to restore public confidence by doing the needful on this matter. And until individuals and government agency begin to respect fundamental human right and enhance duty of care, the essence of Nigeria’s freedom is far from been realistic.
”No malice is intended against NDLEA with this outcry, I just hope the leadership see this as a clarion call for getting it right and save the agency from sending an innocent person to an early grave whereby leaving his children to suffer unjustly. My humble take”. Thank you. Yomi Fabiyi
“I am calling on all senior colleagues in the entertainment world especially those close to Baba Suwe because I don’t have everyone’s contact to please reach out to him as soon as possible.
”The torture done on him by NDLEA is vastly damaging his health at an alarming rate. He told me he no longer feel comfortable since that episode. Baba Suwe is a widower, he can hardly walk properly as I speak, let alone go to film.
“How will he feed and take care of the children aunty Moladun left behind? This is an A-List Entertainer and this conspiracy of silence gives me mental agony on my part, I don’t want to speak when it may be too late, I won’t forgive myself.
“He told me when I visited him that he is innocent of the accusations and yet a
long pipe was inserted through his anus; he was detained for too long amongst other things just because he was randomly suspected like every normal person.
“In my opinion, only lazy, ill-trained, unfit and uncivilized officers torture in the name of investigation. Torture is criminal and sinful. If this accusation is found to be true by independent investigators, it shouldn’t go unpunished.
“The court asked NDLEA to pay him 25 million for damages which is yet to be obeyed but to me an open apology will placate him and illustrate some dignified and civil approach from a government agency that made him go through all that without coming up with a single proof after that prolonged detention and drama.
”He who assert must prove! NDLEA needs to restore public confidence by doing the needful on this matter. And until individuals and government agency begin to respect fundamental human right and enhance duty of care, the essence of Nigeria’s freedom is far from been realistic.
”No malice is intended against NDLEA with this outcry, I just hope the leadership see this as a clarion call for getting it right and save the agency from sending an innocent person to an early grave whereby leaving his children to suffer unjustly. My humble take”. Thank you. Yomi Fabiyi
Friday, 30 December 2016
Body found as Brazil seeks missing Greek ambassador
He was last seen on Monday in the city of Nova Iguacu on the outskirts of Rio, where the car was found.
Forensic experts are carrying out tests to establish the body's identity.
The ambassador's car was discovered under a flyover on one of the main access roads to Rio.
He had phoned his wife from a flat in Nova Iguacu on Monday saying he was about to go out. He has not been heard from since.
Police say it is unlikely that he was kidnapped, as no ransom has been sought.
Rio has a high crime rate and violent incidents are not unusual, especially in the busy season between Christmas and New Year, when hundreds of thousands of tourists travel to the city.
The expulsion of the Russian Diplomats by Obama
U.S. President Barack Obama has ordered the expulsion of 35 Russian
diplomats including shutting down of two Russian compounds in the U.S.
in a number of actions announced on Thursday as reprisal for Russia’s
meddling in US election.
Obama’s speech obtained by correspondent of the News Agency of Nigeria (NAN) in New York, stated that the actions were “in response to Russia’s malicious cyber activity and harassment.
“Today, I have ordered a number of actions in response to the Russian government’s aggressive harassment of U.S. officials and cyber operations aimed at U.S. election.
“These actions follow repeated private and public warnings that we have issued to the Russian government, and are a necessary and appropriate response to efforts to harm U.S. interests in violation of established international norms of behaviour.
“The U.S State Department is also shutting down two Russian compounds, in Maryland and New York, used by Russian personnel for intelligence-related purposes, and is declaring ‘persona non grata’ on 35 Russian intelligence operatives.
“Finally, the Department of Homeland Security and the Federal Bureau of Investigation are releasing declassified technical information on Russian civilian and military intelligence service cyber activity.
“This is to help network defenders in the U.S. and abroad to identify, detect, and disrupt Russia’s global campaign of malicious cyber activities.”
According to him, all Americans should be alarmed by Russia’s actions.
Obama added that “in October, my Administration publicised our assessment that Russia took actions intended to interfere with the U.S. election process.
“These data theft and disclosure activities could only have been directed by the highest levels of the Russian government.
“Moreover, our diplomats have experienced unacceptable level of harassment in Moscow by Russian security services and police over the last year. Such activities have consequences.”
He explained that he had issued an executive order that provided additional authority for responding to certain cyber activity aimed at interfering with or undermining America’s election processes and institutions, or those of its allies or partners.
“Using this new authority, I have sanctioned nine entities and individuals: the GRU and the FSB, two Russian intelligence services; four individual officers of the GRU; and three companies that provided material support to the GRU’s cyber operations.
“In addition, the Secretary of the Treasury is designating two Russian individuals for using cyber-enabled means to cause misappropriation of funds and personal identifying information.”
The U.S. president explained that “these actions are not the sum total of our response to Russia’s aggressive activities.
“We will continue to take actions at a time and place of our choosing, some of which will not be publicised.
“In addition to holding Russia accountable for what it has done, the United States and friends and allies around the world must work together to oppose Russia’s efforts to undermine established international norms of behaviour, and interfere with democratic governance.
“To that end, my Administration will be providing a report to Congress in the coming days about Russia’s efforts to interfere in our election, as well as malicious cyber activity related to our election cycle in previous elections.”

Obama’s speech obtained by correspondent of the News Agency of Nigeria (NAN) in New York, stated that the actions were “in response to Russia’s malicious cyber activity and harassment.
“Today, I have ordered a number of actions in response to the Russian government’s aggressive harassment of U.S. officials and cyber operations aimed at U.S. election.
“These actions follow repeated private and public warnings that we have issued to the Russian government, and are a necessary and appropriate response to efforts to harm U.S. interests in violation of established international norms of behaviour.
“The U.S State Department is also shutting down two Russian compounds, in Maryland and New York, used by Russian personnel for intelligence-related purposes, and is declaring ‘persona non grata’ on 35 Russian intelligence operatives.
“Finally, the Department of Homeland Security and the Federal Bureau of Investigation are releasing declassified technical information on Russian civilian and military intelligence service cyber activity.
“This is to help network defenders in the U.S. and abroad to identify, detect, and disrupt Russia’s global campaign of malicious cyber activities.”
According to him, all Americans should be alarmed by Russia’s actions.
Obama added that “in October, my Administration publicised our assessment that Russia took actions intended to interfere with the U.S. election process.
“These data theft and disclosure activities could only have been directed by the highest levels of the Russian government.
“Moreover, our diplomats have experienced unacceptable level of harassment in Moscow by Russian security services and police over the last year. Such activities have consequences.”
He explained that he had issued an executive order that provided additional authority for responding to certain cyber activity aimed at interfering with or undermining America’s election processes and institutions, or those of its allies or partners.
“Using this new authority, I have sanctioned nine entities and individuals: the GRU and the FSB, two Russian intelligence services; four individual officers of the GRU; and three companies that provided material support to the GRU’s cyber operations.
“In addition, the Secretary of the Treasury is designating two Russian individuals for using cyber-enabled means to cause misappropriation of funds and personal identifying information.”
The U.S. president explained that “these actions are not the sum total of our response to Russia’s aggressive activities.
“We will continue to take actions at a time and place of our choosing, some of which will not be publicised.
“In addition to holding Russia accountable for what it has done, the United States and friends and allies around the world must work together to oppose Russia’s efforts to undermine established international norms of behaviour, and interfere with democratic governance.
“To that end, my Administration will be providing a report to Congress in the coming days about Russia’s efforts to interfere in our election, as well as malicious cyber activity related to our election cycle in previous elections.”
Friday, 19 August 2016
Twitter’s Troll-Fighting Quality Filter Is Coming For Everyone
After a slew of bad press about the ease with which trolls use Twitter to attack famous comedians (and slightly less bad press about the ease with which trolls use it to attack non-famous people, usually women and minorities), the social media platform announced on Thursday that it was implementing new controls that will give users the ability to filter out “non-quality” tweets from their timelines.
What this means is if a user so chooses, they can put a quality filter on what will appear in their notifications. Twitter says the filter uses “a variety of signals” to determine “lower quality” tweets from users they don’t follow—like spam and abuse.
As The Verge points out, this quality filter has been available to verified accounts for quite some time, and now it will be available to the checkmark-less plebes as well.
What it won’t do is stop the abuse from actually happening in the first place—just make it easier for the target to avoid seeing it. This gives Twitter the best of both worlds and is just about the least it could do: It doesn’t have to crack down on and risk alienating its troll user base, and the users who are frequent targets of those trolls can remain blissfully ignorant of their behavior and not be driven away. Which is ideal for Twitter, since it can’t really afford to lose anyone.
Navy Rescues Hijacked British Vessel, ‘MT VECTIS OSPREY’ Picture
The Nigerian Navy Ship NWAMBA has rescued a British registered merchant Tanker vessel with call sign MT VECTIS OSPREY from sea pirates
who attacked her 20 nautical miles offshore of Bonny. A statement from Naval headquarters signed by the Director of Information, Commodore
Christian Ezekobe said, “The rescue operation was in response to a timely alert by the International Maritime Bureau (IMB) to the Naval
Regional Maritime Awareness Centre (RMAC). “Consequently, the war ship was promptly deployed to track down and rescue the vessel. Ezekobe
said, “The British flagged MT VECTIS OSPREY departed Bonny offshore terminal and came under pirate attack on Wednesday 17 August 2016.
“NNS Nwamba engaged the attackers on approaching the vessel which made them to abandon their mission due to superior fire power. “To this
end, Naval special forces onboard the war ship embarked, and rescued the crew who locked up themselves in a citadel in the merchant tanker.
“The crew and cargo of ‘MT VECTIS OSPREY’ are safe while investigation has also commenced in order to unravel the circumstances of the
attempted hijack, especially with regard to the current trend of involvement of crew members in attacks on their own vessels”. “Additionally,
Ship owners are hereby advised to profile their crew before embarking them onboard to avoid situations in which some disgruntled crew
members stage-manage attacks on their own vessels” he said. “Consequently, the Nigerian Navy wishes to seize this opportunity to remind the
public, particularly those operating in the maritime environment that the Chief of Naval Staff Vice Admiral Ibok-Ete Ekwe Ibas is poised to
eliminate all forms of criminal activities in the maritime domain, hence several initiatives have been made in this regard” Ezekobe added. “To
mention a few, the initiatives are the conduct of ‘Operation Tsare Teku’, Choke Point Regime and the deployment of capital ships for daily patrol.
“It is worthy to note also that these measures have drastically reduced incidents of sea piracy and other crimes on our territorial waters”.
Tuesday, 15 December 2015


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Saturday, 5 December 2015
Pastor W.F Kumuyi visti New Ooni of Ife place,preaches salvation to him

The expensive life of Obafemi Martins
Obafemi Martins has been everywhere and he needs no
introduction! The talented footballer who was the fifth highest paid
player in US Major League Soccer for the 2013 season is also the highest
ever paid player for Seattle Sounders with an annual basic salary of
$1.6million, according to a players’ union release.
And with money like that, he’s able to afford the life many only dream about.
Below is how Obafemi Martins is living the dream:
His net worth
With an annual salary of $2,400,000.00, Obafemi has acquired lots of properties, investments and luxurious cars worth millions of dollars over the years, his total net worth is $35 million.
His mansions
The 28-year-old striker owns 2 mansions at VGC Lagos worth N500 million, a massive home in Como, Italy valued at N800 Million, and top hotels in Italy.
His cool whips!
He drives a Lamboghini worth N50m, Porsche Gemballa worth N20m, Bmw X6 worth N18M,and a Ferrarri sport car.
He has an expensive shoe collection too
: http://www.gistmelove.blogspot.com/2015/12/check-out-fabulous-life-of-obafemi-martins.html
And with money like that, he’s able to afford the life many only dream about.
Below is how Obafemi Martins is living the dream:
His net worth
With an annual salary of $2,400,000.00, Obafemi has acquired lots of properties, investments and luxurious cars worth millions of dollars over the years, his total net worth is $35 million.
His mansions
The 28-year-old striker owns 2 mansions at VGC Lagos worth N500 million, a massive home in Como, Italy valued at N800 Million, and top hotels in Italy.
His cool whips!
He drives a Lamboghini worth N50m, Porsche Gemballa worth N20m, Bmw X6 worth N18M,and a Ferrarri sport car.
He has an expensive shoe collection too
: http://www.gistmelove.blogspot.com/2015/12/check-out-fabulous-life-of-obafemi-martins.html
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Top 5 States In Nigeria With The Most Vibrant Music Industry
5. Abuja
The FCT boasts one of the most vibrant music industries in the state and is home to quite a lot of top notch concerts and shows although most of its performing artistes are from other states. It boasts of been the base of top artistes like Tekno, Zdon etc before their move
4. Plateau
Plateau is another vibrant northern state which takes a fore place when it comes to the affairs of a musical industry in Nigeria. Despite the violence in recent times prevalent in the state, it has been no excuse for avoidance of concerts, gigs and music all round in this state which boasts of talented artistes and is notable for having produced ice Prince, M.I, Jesse Jagz and still boasts of talented upcoming acts like Marcel Rhymes in recent times. J-Town is musically carried!
3. Port Harcourt
This city's music industry has contributed an influx of artistes into the Lagos scene and such artistes in this case include Timaya, Burna Boy, Mr 2kay etc. It is a city that boasts of a very electrifying nightlife and plays host to quite a number of good concerts and the music industry boasts of top talented acts like duncan Mighty, Knowledge, Bukwild, Andy Blaze, Mr Robinson etc.
2. Enugu
This eastern city has the 2nd most vibrant music industry in the country and this is evident also in the role it has played in the nurturing of top Igbo talents in the Nigerian music scene like illBliss, Phno, Flavour, Runtown etc. Currently it still plays host to top acts like Bosalin, Slow Dogg and gets a respectable amount of concerts in the country.
1. Lagos
"If you don blow here, you don blow for the whole naija"
This statement is all you have to hear to understand why Lagos is number one. The Music industry without Lagos is dead in Nigeria, it is the base of all artistes who want to be known nationwide and has bred too many top acts in the country. The biggest shows, awards and trends happen here and it is the number 1 musically vibrant state in Nigeria.
The FCT boasts one of the most vibrant music industries in the state and is home to quite a lot of top notch concerts and shows although most of its performing artistes are from other states. It boasts of been the base of top artistes like Tekno, Zdon etc before their move
4. Plateau
Plateau is another vibrant northern state which takes a fore place when it comes to the affairs of a musical industry in Nigeria. Despite the violence in recent times prevalent in the state, it has been no excuse for avoidance of concerts, gigs and music all round in this state which boasts of talented artistes and is notable for having produced ice Prince, M.I, Jesse Jagz and still boasts of talented upcoming acts like Marcel Rhymes in recent times. J-Town is musically carried!
3. Port Harcourt
This city's music industry has contributed an influx of artistes into the Lagos scene and such artistes in this case include Timaya, Burna Boy, Mr 2kay etc. It is a city that boasts of a very electrifying nightlife and plays host to quite a number of good concerts and the music industry boasts of top talented acts like duncan Mighty, Knowledge, Bukwild, Andy Blaze, Mr Robinson etc.
2. Enugu
This eastern city has the 2nd most vibrant music industry in the country and this is evident also in the role it has played in the nurturing of top Igbo talents in the Nigerian music scene like illBliss, Phno, Flavour, Runtown etc. Currently it still plays host to top acts like Bosalin, Slow Dogg and gets a respectable amount of concerts in the country.
1. Lagos
"If you don blow here, you don blow for the whole naija"
This statement is all you have to hear to understand why Lagos is number one. The Music industry without Lagos is dead in Nigeria, it is the base of all artistes who want to be known nationwide and has bred too many top acts in the country. The biggest shows, awards and trends happen here and it is the number 1 musically vibrant state in Nigeria.
Sunday, 2 August 2015
Zimbabwe seeks second American 'lion killer
Zimbabwe says it is seeking a second
American over the illegal killing of a lion, as the outcry over the
death of famed animal Cecil continues.
The National Parks and Wildlife Management Authority said the man from Pennsylvania killed a lion in April.A Zimbabwean land owner has since been arrested, the agency said.
Cecil was shot illegally in July. Zimbabwe is seeking the extradition of the man who killed him, Walter Palmer of Minnesota.
The National Parks authority gave little information on the new case, but said on Sunday that the killing of the lion had taken place without a permit.
It said the hunt had been arranged by a Zimbabwean man who owned a safari company. The man they are seeking is from Pennsylvania.
The authority said in a statement that it had agreed to "undertake an industry-wide investigation to crack down and weed out any illegal hunting activities", but it was not clear if the latest case had emerged from that investigation
Burundi presidential aide Nshimirimana killed in attack
A close aide of Burundi's President Pierre Nkurunziza has been killed in an attack on his car in the capital, Bujumbura.
Gen Adolphe Nshimirimana was a former army chief of staff and intelligence chief.The attackers targeted his car in the Kamenge district reportedly with machine guns and rocket launchers.
Burundi has been racked by unrest since April, when Mr Nkurunziza announced he would seek a third term in office.
Opponents argued this contravened the constitution and there was a failed coup attempt in May.
A presidential election was then held last month which Mr Nkurunziza won, but which was boycotted by the opposition.
Gen Nshimirimana was reportedly in charge of the president's personal security and had been central in cracking down on protests.
Witnesses to the attack said four men in military fatigues had sprayed the car with bullets.
Other witnesses said rockets were also fired.
Presidential adviser Willy Nyamitwe told Reuters: "He has been killed by a bullet... He was in the car with some bodyguards but I don't know exactly what happened."
Conspiracy Theory Of What Could ‘happen’ To Naira/dollar In The Next Few Weeks
Just two weeks ago it looked as if the Naira was heading to N250 as
calls for another round of devaluation held sway. The ban on restricting
40 items from souring forex was still generating speculation just as
the CBN Governor appeared aloof.
The naira closed below N230 for the first time in about a month on Friday at the parallel market and is trading for as low as N220 in some states. Some suggest it is likely to trade below N210 as early as next week and optimist even went as far as saying it could very well be cheaper at the black market when compared to the official market.
As expected there is panic in the air and many are wondering why this is happening and what next to do.
Here is a theory of what we think could happen?
With the banks now rejecting dollar deposits panic will set in for those who still hold dollars in cold cash.
They will have no choice but to sell dollars to either people who have immediate use for it or
To those who have means other than a bank of keeping it safe.
The parallel rate of FX could even at some point drop below the interbank rate as people scramble to flee to the Naira.
For those who have dollars secured in electronic form they will probably now form their own parallel market electronically.
This people will become the new Kings on the block and will sell at any rate they like irrespective of the official rate
Some of these guys will be those who earn income in dollars or business who export goods and services in dollars whilst those who will buy remain businessmen who are still determined to import banned items.
However, for the physical black market they will continue to be supplied forex by those who still have access to cash dollars in their bank accounts. However the supply could be limited and could do either of two things
1. It could just be enough to meet the demand for those who still need to access forex in the black market. For example, people who want to pay for school fees or buy a car
2. It could spark another major premium between the official rate and the black market if demand remains very much higher than supply.
To meet up with demand some people will resort to paying for invoices denominated in dollars via their Naira debit cards. Though limited, it will just be enough to meet basic domestic items
This suits the CBN well as it still keeps demand and supply in electronic forms
Some unscrupulous people may well join the business of smuggling dollars though our borders
Once they have dollars in electronic form, they simply collect cash dollars from desperate importers or politicians or corrupt businesses and then charge them a fee.
Once out of the borders and in say Ghana, they pay it into an account and transfer it. In exchange they charge their desperate customers a fee. (thanks NRI for this theory)
This new ‘deal’ will be short lived as many people will be scammed and discouraged from continuing.
The CBN will weigh up the current situation and look at the disparity between the official rate and parallel rate. At that point they can now decide whether to devalue or allow the FX market some room to float thus relaxing some controls.
Banks will groan throughout this period and see their earnings from FX decline substantially. They will put pressure on the CBN whilst business such as Dangote Cement and manufacturers will counter with pressure of their own for a more stable Naira
President Buhari will encounter some success on his corruption drive and with the help of Western Countries repatriate some stolen FX, further boosting FX reserves.
Politicians for the time being will reduce open pilfering of funds whilst businesses will have limited way of bribing corrupt government officials with FX
Oil prices will continue to be volatile putting huge pressure and the government to guard the little FX it has left. This will perhaps discourage Emefiele to relax some of the more “successful controls”.
JP Morga
The naira closed below N230 for the first time in about a month on Friday at the parallel market and is trading for as low as N220 in some states. Some suggest it is likely to trade below N210 as early as next week and optimist even went as far as saying it could very well be cheaper at the black market when compared to the official market.
As expected there is panic in the air and many are wondering why this is happening and what next to do.
Here is a theory of what we think could happen?
With the banks now rejecting dollar deposits panic will set in for those who still hold dollars in cold cash.
They will have no choice but to sell dollars to either people who have immediate use for it or
To those who have means other than a bank of keeping it safe.
The parallel rate of FX could even at some point drop below the interbank rate as people scramble to flee to the Naira.
For those who have dollars secured in electronic form they will probably now form their own parallel market electronically.
This people will become the new Kings on the block and will sell at any rate they like irrespective of the official rate
Some of these guys will be those who earn income in dollars or business who export goods and services in dollars whilst those who will buy remain businessmen who are still determined to import banned items.
However, for the physical black market they will continue to be supplied forex by those who still have access to cash dollars in their bank accounts. However the supply could be limited and could do either of two things
1. It could just be enough to meet the demand for those who still need to access forex in the black market. For example, people who want to pay for school fees or buy a car
2. It could spark another major premium between the official rate and the black market if demand remains very much higher than supply.
To meet up with demand some people will resort to paying for invoices denominated in dollars via their Naira debit cards. Though limited, it will just be enough to meet basic domestic items
This suits the CBN well as it still keeps demand and supply in electronic forms
Some unscrupulous people may well join the business of smuggling dollars though our borders
Once they have dollars in electronic form, they simply collect cash dollars from desperate importers or politicians or corrupt businesses and then charge them a fee.
Once out of the borders and in say Ghana, they pay it into an account and transfer it. In exchange they charge their desperate customers a fee. (thanks NRI for this theory)
This new ‘deal’ will be short lived as many people will be scammed and discouraged from continuing.
The CBN will weigh up the current situation and look at the disparity between the official rate and parallel rate. At that point they can now decide whether to devalue or allow the FX market some room to float thus relaxing some controls.
Banks will groan throughout this period and see their earnings from FX decline substantially. They will put pressure on the CBN whilst business such as Dangote Cement and manufacturers will counter with pressure of their own for a more stable Naira
President Buhari will encounter some success on his corruption drive and with the help of Western Countries repatriate some stolen FX, further boosting FX reserves.
Politicians for the time being will reduce open pilfering of funds whilst businesses will have limited way of bribing corrupt government officials with FX
Oil prices will continue to be volatile putting huge pressure and the government to guard the little FX it has left. This will perhaps discourage Emefiele to relax some of the more “successful controls”.
JP Morga
Boko Haram Leader And Head Of Recruitment In Chad And Cameroun Arrested
Bana Fanaye also known as Mahamat Moustapha, said to
be the mastermind of Boko Haram operations in Chad and northern
Cameroon, has been arrested by authorities in Chad. Assorted weapons, as
well as cell phone SIM cards for various countries, including Nigeria,
Cameroon, Chad and Niger were recovered from his residence.
Bana Fanaye also known as Mahamat Moustapha, Boko Haram recruiter.
Bana Fanaye is said to be the brain behind most Boko Harma operations including arms purchases in Chad and northern Cameroon. He was arrested on Friday afternoon.
Media reports quoted Chadian officials as saying that Fanaye is in charge of recruiting Boko Haram terrorists, arms purchases and planning of terrorism targets and operations in Chad and northern Cameroon.
Weapons of different kinds and assorted communication gadgets were found in his house, including more than 50 SIM cards from different countries in the sub region, tchadinfos.com reported.
It was his arrest that helped security forces locate other Boko Haram members housed in an area called Diguel Diguessou in the 8th district, the report said. Many of them were killed.
In a related development, Reuters news agency is reporting that Cameroon officials have arrested three suspects carrying a bag containing improvised explosive devices in the northern town of Maroua where a spate of suspected Boko Haram suicide attacks killed at least 40 last week.
The men were caught on Thursday evening at the entrance of the city following a tip-off, a senior military source with the Central African nation’s special forces in Maroua, told Reuters.
“The suspect who was carrying the bag with the explosives is a Nigerian. The other two are Cameroonians, according to their identity cards,” another senior local government administrator said by telephone from Maroua.
He said the young men, aged about 20, were suspected Boko Haram militants who were planning another attack.
Cameroon has increased troops and tighten security in the northern regional capital following the suicide bombings, the deepest incursion by suspected Boko Haram militants from neighboring Nigeria.
Cameroon security officials also carried out a raid on Thursday in Kousseri, some 220 km (140 miles) north of Maroua, where some 2,000 Nigerians who were living in Cameroon without permits were loaded in trucks and taken across the border.
A local administrator said the raid was part of measures aimed at improving security and controlling movements along the border region.
The leaders of both countries pledged on Thursday, following a summit in Yaounde, to work together to crush the six-year insurgency which has killed thousands, spread to neighboring countries and threatens the stability of the Lake Chad region.
Boko Haram, which calls itself the Islamic State’s West Africa Province (ISWAP) since pledging allegiance to the militant group that controls large areas of Syria and Iraq, is fighting to establish an emirate in northeast Nigeria.
Additional reports from Reuters.
http://tchadinfos.com/societes/bana-fanaye-chef-boko-haram-charge-tchad-nordcameroun-arrt-lant/
Bana Fanaye also known as Mahamat Moustapha, Boko Haram recruiter.
Bana Fanaye is said to be the brain behind most Boko Harma operations including arms purchases in Chad and northern Cameroon. He was arrested on Friday afternoon.
Media reports quoted Chadian officials as saying that Fanaye is in charge of recruiting Boko Haram terrorists, arms purchases and planning of terrorism targets and operations in Chad and northern Cameroon.
Weapons of different kinds and assorted communication gadgets were found in his house, including more than 50 SIM cards from different countries in the sub region, tchadinfos.com reported.
It was his arrest that helped security forces locate other Boko Haram members housed in an area called Diguel Diguessou in the 8th district, the report said. Many of them were killed.
In a related development, Reuters news agency is reporting that Cameroon officials have arrested three suspects carrying a bag containing improvised explosive devices in the northern town of Maroua where a spate of suspected Boko Haram suicide attacks killed at least 40 last week.
The men were caught on Thursday evening at the entrance of the city following a tip-off, a senior military source with the Central African nation’s special forces in Maroua, told Reuters.
“The suspect who was carrying the bag with the explosives is a Nigerian. The other two are Cameroonians, according to their identity cards,” another senior local government administrator said by telephone from Maroua.
He said the young men, aged about 20, were suspected Boko Haram militants who were planning another attack.
Cameroon has increased troops and tighten security in the northern regional capital following the suicide bombings, the deepest incursion by suspected Boko Haram militants from neighboring Nigeria.
Cameroon security officials also carried out a raid on Thursday in Kousseri, some 220 km (140 miles) north of Maroua, where some 2,000 Nigerians who were living in Cameroon without permits were loaded in trucks and taken across the border.
A local administrator said the raid was part of measures aimed at improving security and controlling movements along the border region.
The leaders of both countries pledged on Thursday, following a summit in Yaounde, to work together to crush the six-year insurgency which has killed thousands, spread to neighboring countries and threatens the stability of the Lake Chad region.
Boko Haram, which calls itself the Islamic State’s West Africa Province (ISWAP) since pledging allegiance to the militant group that controls large areas of Syria and Iraq, is fighting to establish an emirate in northeast Nigeria.
Additional reports from Reuters.
http://tchadinfos.com/societes/bana-fanaye-chef-boko-haram-charge-tchad-nordcameroun-arrt-lant/
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